Problem 23-5A Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. $2.40 31.00 Direct materials (2 test tubes @ $1.20 per tube) Direct labor (1 hour @ $31 per hour) Variable overhead (1 hour @ $6.00 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test 6.00 12.00 $51.40 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2017, when 1,200 tests were conducted, resulted in the following: Direct materials (2,448 test tubes) Direct labor (1,236 hours) $2,595 37,080 6,696 13,776 Variable overhead Fixed overhead Monthly budgeted fixed overhead is $17,400. Revenues for the month were $79,200, and selling and administrative expenses were $4,800. Your answer is partially correct. Try again. Compute the price and quantity variances for direct materials and direct labor. (Round answers to 0 decimal places, e.g. 5,275.) Materials price variance 144 Favorable X Materials quantity variance 252 Unfavorable Labor price variance 1236 Favorable Labor quantity variance 1116 Unfavorable LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Your answer is partially correct. Try again. Compute the total overhead variance. Total Overhead variance 1776 Favorable LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare an income statement for management. HART LABS, INC. Income Statement For the Month Ended November 30, 2017 Service Revenue Cost of Service Provided (at standard) - X Gross Profit (at standard) Variances Materials Price Favorable Materials Quantity Unfavorable Labor Price lilili Favorable Labor Quantity Unfavorable Overhead Favorable Total Variance Favorable Gross Profit (actual) bodo Selling and Administrative Expenses Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work